The Experts below are selected from a list of 326808 Experts worldwide ranked by ideXlab platform
Nathan Mauck - One of the best experts on this subject based on the ideXlab platform.
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Government-affiliation, bilateral Political Relations and cross-border mergers: Evidence from China
Pacific-Basin Finance Journal, 2018Co-Authors: Wenjia Zhang, Nathan MauckAbstract:Abstract This paper examines the relation between government-affiliated ownership, bilateral Political Relations, and cross-border mergers. Using a sample of 219 cross-border mergers conducted by Chinese listed companies from 2000 to 2013 we document three main results. First, we find that government-affiliated bidder (i.e., those with Political connections and/or government ownership) abnormal returns do not differ from non-affiliated bidders in the announcement period after controlling for deal characteristics. However, longer-term post-merger bidder abnormal returns are lower for government-affiliated bidders, consistent with the general inefficiency associated with government-affiliation. Second, our results indicate that improving bilateral Political Relations between China and target nations are positively associated with both short and long-term bidder performance, indicating a role for economic nationalism in firm outcomes. Third, we find that the interaction between government-affiliation and change in Political Relations is generally unrelated to bidder performance. However, in target nations with relatively low Political risk, the interaction between government-affiliation and change in Political Relations is positively related to longer-term bidder performance. Thus, government-affiliation can be value enhancing in certain cases.
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Ownership Structure, Corporate Governance, and Bilateral Political Relations: Evidence from Chinese Cross-Border Mergers
SSRN Electronic Journal, 2017Co-Authors: Wenjia Zhang, Nathan MauckAbstract:This paper examines the relation between firm ownership structure, bilateral Political Relations and firm performance using a sample of 219 cross-border mergers conducted by Chinese listed companies from 2000 to 2013. First, we find that government-affiliated bidder abnormal returns do not differ from non-affiliated bidders in the announcement period after controlling for deal characteristics. However, longer-term post-merger bidder abnormal returns are lower for government-affiliated bidders, consistent with the general inefficiency associated with government-affiliation. Second, our results indicate that improving bilateral Political Relations between China and target nations are positively associated with both short and long-term bidder performance, indicating a role for Political institutions in firm outcomes. Third, we find that the interaction between government-affiliation and change in Political Relations is generally unrelated to bidder performance. However, in target nations with relatively low Political risk, the interaction between government-affiliation and change in Political Relations is positively related to longer-term bidder performance. Thus, government-affiliation can be value enhancing in certain cases. Finally, our results indicate that government-affiliated bidders do not differ in target selection criteria relative to non-affiliated bidders. Collectively, our results suggest an important role for bidder ownership type as well as national Political Relations in cross-border M&A.
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bilateral Political Relations and sovereign wealth fund investment
Journal of Corporate Finance, 2012Co-Authors: April M Knill, Nathan MauckAbstract:We examine the role of bilateral Political Relations in sovereign wealth fund (SWF) investment decisions. Our empirical results suggest that Political Relations play a role in SWF decision making. Contrary to predictions based on the FDI and Political Relations literature, we find that relative to nations in which they do not invest, SWFs prefer to invest in nations with which they have weaker Political Relations. Using a two-stage Cragg model, we find that Political Relations are an important factor in where SWFs invest but matter less in determining how much to invest. Inconsistent with the FDI and Political Relations literature, these results suggest that SWFs behave differently than rational investors who maximize return while minimizing risk. Consistent with the trade and Political Relations literature, we find that SWF investment has a positive (negative) impact for relatively closed (open) countries. Our results suggest that SWFs use—at least partially—non-financial motives in investment decisions.
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bilateral Political Relations and the impact of sovereign wealth fund investment
2011Co-Authors: April M Knill, Nathan MauckAbstract:We examine the role of bilateral Political Relations in sovereign wealth fund (SWF) investment decisions. Our empirical results suggest that Political Relations play a role in SWF decision making. Contrary to predictions based on the FDI and Political Relations literature, we find that relative to nations in which they do not invest, SWFs prefer to invest in nations with which they have weaker Political Relations. Using a two-stage Cragg model, we find that Political Relations are an important factor in why SWFs invest but matter less in determining how much to invest. These results suggest that SWFs behave differently than other economic agents. Consistent with the FDI and Political Relations literature, we find that SWF investment has a positive (negative) impact for relatively closed (open) countries. Our results suggest that SWFs use - at least partially - non-financial motives in investment decisions.
April M Knill - One of the best experts on this subject based on the ideXlab platform.
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bilateral Political Relations and sovereign wealth fund investment
Journal of Corporate Finance, 2012Co-Authors: April M Knill, Nathan MauckAbstract:We examine the role of bilateral Political Relations in sovereign wealth fund (SWF) investment decisions. Our empirical results suggest that Political Relations play a role in SWF decision making. Contrary to predictions based on the FDI and Political Relations literature, we find that relative to nations in which they do not invest, SWFs prefer to invest in nations with which they have weaker Political Relations. Using a two-stage Cragg model, we find that Political Relations are an important factor in where SWFs invest but matter less in determining how much to invest. Inconsistent with the FDI and Political Relations literature, these results suggest that SWFs behave differently than rational investors who maximize return while minimizing risk. Consistent with the trade and Political Relations literature, we find that SWF investment has a positive (negative) impact for relatively closed (open) countries. Our results suggest that SWFs use—at least partially—non-financial motives in investment decisions.
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bilateral Political Relations and the impact of sovereign wealth fund investment
2011Co-Authors: April M Knill, Nathan MauckAbstract:We examine the role of bilateral Political Relations in sovereign wealth fund (SWF) investment decisions. Our empirical results suggest that Political Relations play a role in SWF decision making. Contrary to predictions based on the FDI and Political Relations literature, we find that relative to nations in which they do not invest, SWFs prefer to invest in nations with which they have weaker Political Relations. Using a two-stage Cragg model, we find that Political Relations are an important factor in why SWFs invest but matter less in determining how much to invest. These results suggest that SWFs behave differently than other economic agents. Consistent with the FDI and Political Relations literature, we find that SWF investment has a positive (negative) impact for relatively closed (open) countries. Our results suggest that SWFs use - at least partially - non-financial motives in investment decisions.
Kerry Dumbaugh - One of the best experts on this subject based on the ideXlab platform.
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Underlying Strains in Taiwan-U.S. Political Relations
2007Co-Authors: Kerry DumbaughAbstract:Abstract : The status of Taiwan is a key issue for U.S. foreign policy and a critical point of contention in U.S. Relations with China, which claims sovereignty over Taiwan. The U.S. policy framework for Taiwan was laid down in 1979 when Washington severed official Relations with the Republic of China (ROC) on Taiwan and instead recognized the People's Republic of China (PRC) as the legitimate Chinese government. The basics of that policy shift the Taiwan Relations Act, the 3 U.S.- China communiques, and the so-called "six assurances" toward Taiwan remain in place today. But many other factors have changed dramatically. The PRC itself is a rising global economic power scarcely resembling the country it was at the Nixon opening in the 1970's. U.S. economic and Political Relations with the PRC have expanded and become more diverse, playing a more complex role now than they did then in U.S. calculations of its own interests. China's military has grown as well, with much of its strategic planning focusing on a Taiwan contingency that may lead to conflict with U.S. military forces.
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Taiwan-U.S. Political Relations: New Strains and Changes
2006Co-Authors: Kerry DumbaughAbstract:Abstract : The status of Taiwan is a key issue for U.S. foreign policy and a critical point of contention in U.S. Relations with China, which claims sovereignty over Taiwan. The U.S. policy framework for Taiwan was laid down in 1979 when Washington severed official Relations with the Republic of China (ROC) on Taiwan and instead recognized the People's Republic of China (PRC) as the legitimate Chinese government. The basics of that policy shift the Taiwan Relations Act, the 3 U.S.- China communiques, and the so-called six assurances toward Taiwan remain in place today. But many other factors have changed dramatically. The PRC itself is a rising global economic power scarcely resembling the country it was at the Nixon opening in the 1970 1970s. U.S. economic and Political Relations with the PRC have expanded and become more diverse, playing a more complex role now than they did then in U.S. calculations of its own interests. The PRC's military has grown as well, with much of its strategic planning focusing on a Taiwan contingency. Taiwan, once an authoritarian one-party government under martial law, has become a fully functioning democracy. In Taiwan's 2000 presidential election, Chen Shui-bian's upset of the long dominant ruling party in a true democratic contest was a resounding validation of U.S. ideals and hopes for global democratic development.
Jing Men - One of the best experts on this subject based on the ideXlab platform.
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Between Human Rights and Sovereignty --An Examination of EU-China Political Relations
European Law Journal, 2011Co-Authors: Jing MenAbstract:This paper will study the differences between the EU and China on the understanding of human rights and national sovereignty and their impact on EU-China Political Relations. The paper will be divided into the following parts. The first part will give a review of the concepts of both sovereignty and human rights and the rising concern of human rights in the contemporary world. The second part will study the EU's policy of human rights to find out why the EU adheres to its values. The third part will look at China's policy on sovereignty and human rights. The fourth part will examine EU-China Political Relations and analyse the difficulties in bilateral Relations, due to differences in values between the EU and China. The fifth part will draw some tentative conclusion.
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Between Human Rights and Sovereignty: An Examination of EU–China Political Relations
European Law Journal, 2011Co-Authors: Jing MenAbstract:This paper will study the differences between the EU and China on the understanding of human rights and national sovereignty and their impact on EU‐China Political Relations. The paper will be divided into the following parts. The first part will give a review of the concepts of both sovereignty and human rights and the rising concern of human rights in the contemporary world. The second part will study the EU's policy of human rights to see why the EU adheres to its values. The third part will look at China's policy on sovereignty and human rights. The fourth part will examine EU-China Political Relations and analyse the difficulties in bilateral Relations, due to differences in values between the EU and China. The fifth part will draw some tentative conclusion.
Carlos D. Ramirez - One of the best experts on this subject based on the ideXlab platform.
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History Matters in International Relations: Evidence from Long-Memory Processes in Sino-American Cycles
SSRN Electronic Journal, 2019Co-Authors: Carlos D. RamirezAbstract:Measures of bilateral Political Relations are typically long-memory (fractionally integrated) processes. Appropriate inference and interpretation of this property hinges on the underlying reasons behind it. There are three possible explanations: (i) mechanical aggregation, (ii) bilateral Relations history, and (iii) structural breaks. Explanations (i) and (iii) are data-induced, and thus not particularly meaningful. Explanation (ii) indicates that long-memory is a genuine feature in the series’ dynamics. Using Sino-American Relations as a case study, we conduct three tests to identify the underlying cause. We first examine the stability of the long-memory parameter over the sample period (1980-2018), and discard structural breaks. Next, we evaluate the long- memory parameter for U.S.-China Political Relations, and for seven issues in the bilateral Political Relations portfolio. Finally, we investigate whether bilateral Political Relations and each of the issues are fractionally cointegrated. Our results suggest that the bilateral Relations history is pivotal for explaining the observed fractional integration.
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Bilateral trade and shocks in Political Relations: Evidence from China and some of its major trading partners, 1990–2013
Journal of International Economics, 2017Co-Authors: Carlos D. Ramirez, Xi YaoAbstract:An extensive number of studies investigate the effects of Political Relations on trade by estimating a gravity model using annual (or quarterly) data. We argue that the use of low-frequency data introduces an aggregation bias because the cycle of moderate Political shocks is much shorter (measured in weeks). Using monthly data from 1990 through 2013 for China, we estimate a model of Political Relations and conclude that Political shocks are short-lived. Narrative evidence from two case studies illustrates the transitory nature of these shocks. A VAR model shows that although Political shocks influence exports to China, the effects largely vanish within two months. A comparison of the monthly- and annual-frequency gravity equation regressions illustrates the effects of temporal aggregation.
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Bilateral Trade and Shocks in Political Relations: Evidence from China and Some of its Major Trading Partners, 1990–2012
SSRN Electronic Journal, 2014Co-Authors: Carlos D. Ramirez, Xi YaoAbstract:An extensive number of studies investigate the effects of Political Relations on trade by estimating a gravity model using annual (or quarterly) data. We argue that the use of low-frequency data introduces an aggregation bias because the cycle of moderate Political shocks is much shorter (measured in weeks). Using monthly data from 1990 through 2012 for China, we estimate a model of Political Relations and conclude that Political shocks are short-lived. Narrative evidence from two case studies confirms that transitory nature of these shocks. A VAR model shows that although Political shocks influence trade, the effects vanish within two months.
